- Ease of Use
- Beginner Friendly
- Payment Options
Vimba is a platform which allows you to regularly save (i.e., dollar-cost average) into the bitcoin (BTC) and ether (ETH) market. They’re based in New Zealand, but have recently opened their doors to the It’s simple to setup and easy-to-use. Rates aren’t great (fixed at 3.5%), but it’s your best option if you want to drip-feed smaller amounts (<£100/week) into BTC and ETH.
In this Vimba review, I’m going to dive in and explore their platform a little.
Don’t want the long story? Skip straight to my summary at the end.
Who are Vimba?
In November 2018, they opened their services to everyone in the UK too.
Their services include:
- Setup regular purchases of supported cryptocurrencies (via standing order).
- Buy supported cryptocurrencies in chunks (like you normally would).
Vimba fully supports bitcoin (BTC) and ethereum (ETH). You can easily choose (and change) what percentage of your regular payment should be used to buy each of these cryptocurrencies.
Through Vimba’s instant buy service (where you buy in chunks), you can also buy NEM (XEM).
Vimba does have plans to support additional cryptocurrencies, but they’re being selective about what coins they do support.
“We realise that most of our userbase is very new to crypto and we don’t want to offer them coins that we don’t think are legitimate, decentralised enough, have an actual use case etc”
For more information on their position, check out this blog post.
How’s it Work?
Getting started with this couldn’t be easier.
(Click to enlarge any of these images)
1) Head over to Vimba.co and get yourself registered. Use my affiliate link and you’ll get £15 of free bitcoin when you make your first purchase. You’re required to verify your identity to comply with AML/KYC regulations.
2) Login and select ‘Save’ in the Vimba dashboard. Then scroll down a little and you’ll see the payment details. You’ll use these details to setup a standing order (every week, every half-month, or every month) on a Monday. You’ll need to setup a minimum regular payment of at least £10 to Vimba.
3) All done! You’ll receive your cryptocurrency (direct to your wallet) on the Friday after Vimba receives your payment. You’ll receive an SMS when that happens.
Vimba charges a fixed fee of 3.5% (regardless of how much you buy).
Coinbase is the only other service (which I know of) which lets you setup regular purchases. Because of how Coinbase fee schedule is setup, you won’t get their headline rate of 1.5% for bank transfer purchases unless you buy at least £200 worth of a cryptocurrency.
When I checked, it only becomes cheaper to use Coinbase if you’re setting up a regular purchase of more than £100. For amounts less than this, Vimba has lower fees.
When compared to alternatives which don’t offer a regular purchase feature (i.e., it’s all manual), here’s how Vimba compare:
|Approximate Fee Percentage||3.5%||2%||1.5%||1%||1.5%|
|Fees Incurred on £50 Purchase||£1.75||£1||£0.75||£0.50||£0.75|
|My Review||-||Bittylicious Review||Solidi Review||BeyondCC Review||Wirex Review|
These are the limits:
- Minimum Payment: £10 (per week, half-month, or month)
- Maximum Payment: £2000 every 4-week period (i.e., £500/week)
Summary: Best Way to DCA into Bitcoin
If you want to setup smaller (<£100) regular Bitcoin (BTC) or Ethereum (ETH) purchases, then Vimba is a great choice.
- It’s simple and easy (if you know how to setup a standing order, you’re half-way there). I’d be comfortable throwing a technophobe at a platform like this.
- It allows you to cost-average your purchases into the two most popular cryptocurrencies (learn more about the pros and cons of cost-averaging here)
- I wish their fees were lower, but they’re not too bad (fixed at 3.5%). Coinbase is their closest alternative, but their fee structure makes it expensive to buy smaller (<£100) amounts.
I would definitely recommend Vimba to others. It’s something that I’m going to use to brainlessly drip-feed a small amount of money into Bitcoin (BTC) each month.
Ready to test them out yourself?
Have you used Vimba? What did you think?
Let everyone else know in the comments below.